Ørsted secures $9.4 billion in ‘emergency rights’ issue

Danish offshore wind developer Ørsted won shareholder approval last week for a $9.4-billion “emergency rights issue,” shoring up its balance sheet as US projects face mounting political and operational setbacks.

The move follows weeks of uncertainty triggered by President Donald Trump’s directive halting work on Equinor’s Empire Wind project, a decision that also rippled into Ørsted’s nearby Sunrise Wind venture, according to Reuters.

Two-thirds of the capital raised will be directed toward Sunrise Wind, where financing gaps emerged after co-investors withdrew. 

At the same time, Ørsted is fighting a stop-work order on the nearly completed Revolution Wind project. Court filings show the company and partners are already carrying costs of roughly 100 million Danish crowns ($15.7 million) per week on Revolution Wind, plus an additional 60–70 million crowns weekly on Sunrise Wind linked to vessel utilization.

Ørsted and partner Skyborn have filed suit in US federal court challenging the administration’s halt to the 704-megawatt Revolution Wind project, arguing that the stop-work order unlawfully disrupts an almost completed facility and threatens billions in sunk investment.

The developers are seeking an injunction to resume construction, warning that prolonged suspension will inflate costs and breach offtake contracts, and further strain their already weakened balance sheets.

The rights issue and lawsuit come against a backdrop of weakening earnings expectations. Earlier this week, Ørsted cut its 2025 core profit outlook to between 24–27 billion crowns, down from 25–28 billion, citing poor summer wind speeds in Europe and commissioning delays at the Greater Changhua 2b project in Taiwan.

Credit pressures have been intensifying. S&P Global last month downgraded Ørsted to BBB-, its lowest investment-grade rating, warning that persistent delays could erode the benefits of any equity injection within months. That warning helped set the stage for the shareholder vote on Sept. 5, which passed with broad support.